Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I wouldn't employ him to clean out my toilets
He's just as bad (if not worse if that's possible) than MA
Good post Eric. Wonder if AB is getting an itchy feeling around the neck area, usually associated with having your collar felt. I hear paper shredder manufacturers have had a good week. lol
Just a point, after reading back. Because we won't be processing anything ourselves now, and we aren't using our own proprietory method, nor constructing the plant as was intended, we actually don't have a business, insofar as, our flagship project, the only serious project we've ever had, is being handed over to JLP.
The AIM delisting was purposeful, in my opinion, because a material change in business I believe would have required a shareholder vote, under AIM rules. I may be wrong, but do we count the handing over of a project as a disposal?
If so, please have a look at AIM Rules 2018. Item 15. Shareholder consent. (Before effectively becoming a cash shell).
https://www.lseg.com/sites/default/files/content/documents/aim/2018/January/AIM_Rules_for_Companies_January_2018.pdf
The thing is, maybe we can get some info from AIM as to why they didn't allow us to come out of suspension, considering we were told by Alex that a Nomad would be forthcoming. Obviously, we don't even know if Borrelli ever did get back in touch with AIM once we were suspended, or who that Nomad was to be, or if there ever was one lined up, but you'd have thought that any potential new Nomad would be acutely aware of our deadline date for delisitng and be in contact with both BMR and AIM. Additionally, it also doesn't appear that Bozzer applied for an extension of time.
I'll contact AIM and see if I can gain any info that might help. Let's hope I'm more successful than I was with WH Ireland. Lol.
Seriously though, Alex has not represented our best interests with this stunt, and, moreover, has acted without our knowledge, upon it seems, implementing a fundamental change in our business. Ultimately, in our prospects.
In my opinion.
Cheers all, and best wishes.
Summary : Borrelli has stitched us up as he could not get the cash/Nomad sorted, blaming it on AIM somehow, then he gave pretty much everything to JLP except maybe enough to pay Creditors one day hence washing his hands of it.
they've been wondering where you was sausage.
but i know where ta find ya.lol.
Hi there. I'm still here! Until 3cardbrag told me (I saw his post via the JLP mobile view page) that a few had been asking where I was, I didn't know that this page was still in existence. I nearly alweys only use my mobile phone to access the LSE BMR page, and the ticker no longer shows. I thought the whole thing had been removed. When I tried to view this desktop site from my mobile, it kept rejecting the attempt and reverting back to mobile view, and no BMR ticker or page. I thought LSE had just totally binned us off.
So, I'm using a library pc today to view the site. But thanks 3card, as I've been wondering what the hell has been happening over the last few days.
I have noticed that the BMR website isn't exactly awash with updates from Borrelli though.
Anyway, hope you are all doing ok, after that enormous stunt from our alleged representative. I'll read back now on the posts that I've missed.
Best regards.
Try and login with a new account. The platform is dreadfully unstable
I believe we are going to stop counting and now move to verifying individuals shareholdings.
Hi Danlaur
I just tried to pool my shares on the BMR Watch site, but the thread is locked! Please advise.
BMR Watch membership continues to climb
Over 53 MILLION member shares now declared.
Have you signed up and pooled your share numbers ?... the members need YOUR SUPPORT
Time is of the essence.., please declare / pool number of your shares NOW
Accordingly, Enviro Mining Ltd and its two Zambian‐registered subsidiaries, Enviro Processing Ltd and Enviro Props Ltd, become wholly‐owned subsidiaries of BMR. These companies own the leasehold rights and title to Stand 5187 containing the stockpiles at Kabwe until 30 June 2075; the contents of all the tailings dumps included in Stand 5187 and Dump 57; the Small-Scale Mining Licence relating to lead, zinc, copper and cobalt minerals for a period of 10 years from 20 October 2010, renewable thereafter; and Access Rights to enable BMR to develop Dump 57.
BMR is paying US$2.5 million in cash on completion. In addition, the vendor has the right to receive further consideration of either £4.8 million in cash or 80 million new shares in BMR or a combination of both. BMR has agreed that the vendor must make its election regarding the nature of the consideration within the next 14 days.
You’re correct mcmac, I’ve always treated the 3 subs in Zambia separately for some reason. JLP to get the lot for not a jot. So in theory JLP could prove up the method and sell the business and BMR would never see a penny. Thanks Alex.
From accounts
Incorporated in the development assets is a fair value adjustment of £6,885,175 as a result of the acquisition of Enviro Mining Limited on 20 June 2011 and its two subsidiary companies, Enviro Processing Limited and Enviro Props Limited (together “Enviro Group”). The Enviro Group owns the leasehold rights and title to Stand 5187 containing the stockpiles at Kabwe and the contents of the washplant and leachplant tailings. No impairment has been made on the fair value this year on the basis that third party reports and internal evaluation of future income streams allied with the associated production costs generate net present values, using conservative discount rates, which are well in excess of the costs capitalised as development assets in the balance sheet.
Klueloss, EPL is a subsidiary of EML, so surely it follows that EPL will come with EML?
As per JLP RNS “In terms of the Updated Agreements Jubilee is further granted, for a period of 24 months from the effective date of the Updated Agreements, an irrevocable free option to acquire 100% of the issued Shares in EML (the "Acquisition"). Following the Acquisition Jubilee's equity interest in Kabwe Operations and EML will increase to 100%.”
EML = All stockpiles of tailings.
EPL = Licenses
So are we retaining the licences and therefore all the liability and responsibility through EPL.
By exercising their option to acquire EML will BMR be given anything in exchange or has given them all of the tailings for a future royalty?
From www.bmrplc.com
BMR has acquired all the stockpiles of tailings at the Kabwe mine complex. These assets are held by Enviro Mining Ltd, which is a wholly-owned subsidiary of BMR, and its two Zambian-registered subsidiaries, Enviro Processing Ltd and Enviro Props Ltd.
Enviro Processing Ltd holds the Small Scale Licence 7081-HQ-SML (edged in blue on the plan below) in respect of the tailings on Stand 5187 (edged in black on the Plan) and the Large Scale Licence 6990-HQ-LML (formerly known as ML1) applying to the whole 703 hectares of the BMR site.
http://bmrplc.com/tailings_stockpiles.php
Didn't someone keep saying 'de-listed' and 're-listed' rather than 'suspended' and 'unsuspended'
Wonder it was a slip of the tongue (fingers) or already knew it was about to happen.
Just a thought !!
http:// webcasting. brrmedia. co.uk/ broadcast/5b6452137e92fe237b0e261d
Another $300,000 still needs to make it into the pockets of Blue Square Minerals unless JLP are picking up this bill? Money well spent by the looks of it as they’ve really earnt it.
Dire situation. Then only time Borrelli has treated anything with any urgency is when it’s detrimental to shareholders. If we ever relist the SP is going to be bombed out and I would imagine there will be yet another placing.
I'm assuming that as there is no money left, Scumborelli will just keep issuing new shares to himself in lieu of salary so that not only do we have to wait years for any return, we are also heavily diluted.
I’m sure many agree. It’s just the how that needs working on.
Yeah there I that, Borrelli will probably be contemplating rewarding himself for a job very well done. It’s been a tough 3-4 years but he finally out Alikhanied Alikhani.
My comments were somewhat tongue in cheek. We’ve been royally shafted and there is no doubt that AB and CB have been concocting this for quite a while. Borrelli obviously has had enough and has failed shareholders, this deal is the result of his efforts over the last 3-4 years.
“Such Royalty payments will only be due and payable by the Project once Jubilee has secured a minimum of a 20% return on the investment made into the Project and only once EPL or Kabwe Operations have received all generated earnings in cash.”
“In the event that the Acquisition is implemented, BMR will be granted a 12.5% Royalty interest in the distributable earnings generated by the Project, but only after Jubilee has secured at minimum a 20% return on its investment into the Project and all costs, taxes, liabilities and depreciation of the Project have been accounted for, save that the aforementioned Royalty shall be reduced to 11% of earnings in the event that Jubilee's capital investment into the Project exceeds US$ 15 million.
Apart from an agreed initial 5% Royalty on distributable earnings, BMR will only be entitled to a Royalty payment once:
(a) the Project is fully operational and has generated distributable earnings;
(b) Jubilee (or its nominee) has been repaid in full its capital investment and its agreed capital rate of return of 30% on the first GBP 2,3 million invested and 20% on any further capital invested.”
I’m just going off what the RNS says, I’ve no doubt I’m mistaken in doing so and I don’t also don’t doubt that it’s more complicated than I’ve worked out. I certainly envisage JLP will mark up costs (as they should) and prevent or delay us getting to the stage of receiving a royalty.
Looks like we’ll get a smidgen of 5% of distributable earnings from the off so that will keep Borrelli suited and booted and his bouffant.
I wholly agree that it’s a bad deal and our problems are now just beginning as if it should take JLP 2-3 years I really don’t see how we get there as the elephant in the room (I know there’s a gathering of them) is our financial position and how we fulfill our commitments.
I wish we knew what size plant JLP were going to build in order to have some idea of the level of ROI they are looking at. We were planning 5TPH they are looking to spend a minimum of 5 times as much money (£2.3m originally) does that translate to five times the size or even more given LC says “The enhanced process flowsheet offers the potential to both improved capital efficiency as well as reduced circuit complexity.“
Are JLP changing the process? “ Our process development teams have been able to determine a more suitable process solution for the recovery of lead and zinc in the surface material than the originally contemplated acid and brine solution.” will they have to go through the process of getting an ESIA or an EPB if they are deviating from the signed off licence?
Well of course it has Klue Loss. Companies dont just go under overnight, there should be stricter rules for Insolvent Trading and Directors responsibility for doing so. Amazes me how rarely we do see action taken, it costs money to prosecute and without reasonable chance of recovery it just doesn"t go that far. It is the insolvency laws that need tightening, or should i say enforced.
Still at least we have a couple of ambulances and a random pile of concrete and rusty metal. Not forgetting also the satisfaction of knowing we have helped make Scumborelli's retirement a little more comfortable.
It's just a convoluted way of handing everything over to JLP for nothing, IMO. It would have been better to sell Kabwe earlier for £15m to £20m or so, at least we would have got something, instead of AB offering us up to have our bones picked clean and eyeballs pecked out by vultures. AB needs to pay for this.